Second Sight Medical Products, Inc. (NASDAQ:EYES) Lowered to Sell at Zacks Investment Research

Second Sight Medical Products, Inc. (NASDAQ:EYES) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Thursday.

According to Zacks, “Second Sight Medical Products, Inc. is a medical device company. It develops, manufactures, and markets implantable prosthetic devices to restore some functional vision to blind patients. The Company provides Argus II system, an implantable neurostimulation device for the treatment of outer retinal degenerations, such as retinitis pigmentosa. Second Sight Medical Products, Inc. is headquartered in Sylmar, California. “

Separately, HC Wainwright restated a “buy” rating and issued a $5.00 price objective on shares of Second Sight Medical Products in a report on Thursday, July 6th.

Second Sight Medical Products (NASDAQ:EYES) traded down 5.26% during midday trading on Thursday, hitting $1.08. The stock had a trading volume of 318,390 shares. The company has a 50-day moving average of $1.25 and a 200-day moving average of $1.32. The stock’s market cap is $61.03 million. Second Sight Medical Products has a 1-year low of $1.06 and a 1-year high of $4.02.

Second Sight Medical Products (NASDAQ:EYES) last announced its quarterly earnings results on Tuesday, August 1st. The medical device company reported ($0.13) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.14) by $0.01. Second Sight Medical Products had a negative return on equity of 168.49% and a negative net margin of 646.89%. The company had revenue of $2.24 million during the quarter, compared to analysts’ expectations of $1.43 million. During the same period in the prior year, the company earned ($0.17) EPS. Second Sight Medical Products’s revenue was up 124.0% compared to the same quarter last year. Equities research analysts forecast that Second Sight Medical Products will post ($0.55) EPS for the current year.

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A number of hedge funds have recently modified their holdings of the company. Van Den Berg Management I Inc. increased its stake in shares of Second Sight Medical Products by 27.2% in the first quarter. Van Den Berg Management I Inc. now owns 243,679 shares of the medical device company’s stock worth $295,000 after buying an additional 52,102 shares during the last quarter. BNP Paribas Arbitrage SA increased its stake in shares of Second Sight Medical Products by 980,566.2% in the first quarter. BNP Paribas Arbitrage SA now owns 696,273 shares of the medical device company’s stock worth $258,000 after buying an additional 696,202 shares during the last quarter. Finally, Carl Domino Inc increased its stake in shares of Second Sight Medical Products by 27.5% in the first quarter. Carl Domino Inc now owns 112,719 shares of the medical device company’s stock worth $136,000 after buying an additional 24,308 shares during the last quarter. Hedge funds and other institutional investors own 15.58% of the company’s stock.

Second Sight Medical Products Company Profile

Second Sight Medical Products, Inc is engaged in developing, manufacturing and marketing prosthetic devices that restore vision to blind individuals. The Company’s product, the Argus II System, treats outer retinal degenerations, such as retinitis pigmentosa (RP). The Argus II System provides an artificial form of vision that differs from the vision of people with normal sight.

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